Austrade CEO deepens commercial ties
with Thailand & Southeast Asia
15 November 2023
Austrade CEO Xavier Simonet visited Thailand from 12 to 14 November to support the growth of the trade and investment relationship between Australia and Thailand. The visit follows the launch of the Australian Government’s – Invested: Australia’s Southeast Asia Economic Strategy to 2040. The development of the report was led by the Special Envoy for Southeast Asia, Nicholas Moore AO.
In launching the report Australia's Prime Minister Anthony Albanese, said “Southeast Asia’s fast-growing economies present a major opportunity for Australian business, but we haven’t kept pace with their exponential growth. Our economic future lies with Southeast Asia. This strategy outlines how we can harness this growth, and seize the vast trade and investment opportunities our region presents.”
During the visit, Mr Simonet engaged with Thai business leaders and policy makers to update them on the implementation of key initiatives under the strategy including the establishment of Investment Deals Teams in the region and a Southeast Asia Business Exchange Program.
Mr Simonet said his official visit to Thailand demonstrated the importance Australia places on growing and strengthening commercial ties with Thailand, an important Southeast Asian economy.
“Thailand and Australia share a deep existing trade and investment relationship but we see the potential to do more and the Australian Government is committed to supporting Australian and Thai businesses working in both markets” he added.
Prime Minister Anthony Albanese has announced that he will host ASEAN leaders in Melbourne from March 4 to 6, 2024, for a Special Summit to commemorate the 50th Anniversary of ASEAN-Australia dialogue relations.
Australian Ambassador to Thailand Dr Angela Macdonald said, “the new Thai Government’s foreign and trade policies aligned well with those of the Australian Government, including through the new Southeast Asia Economic Strategy to 2040. With greater Australian Government resources thanks to the Strategy, and already strong trade and investment links - the economic relationship between Thailand and Australia will grow even stronger into the future.”
Australia and Thailand have longstanding economic, political, defence and people-to-people ties. The two countries celebrated their 70th anniversary of diplomatic relations in 2022. Currently, the total value of the two - way trade between Australia and Thailand stands at A$27.7b (2022) whereas the total value of two – way investment stands at A$15b (2022).
Australia has three free trade agreements with Thailand; the Thailand–Australia Free Trade Agreement is one of Australia's oldest and has high utilisation rates.
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